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More record highs on Asia markets More record highs on Asia markets
(about 3 hours later)
Asian shares continued their upward trend on Wednesday as investors hoped that the worst of the summer's credit problems may be over. Asian markets touched record highs on Wednesday as investors hoped that the worst of the summer's credit problems might be over.
Shares in Hong Kong hit a fifth day of highs by noon, while Japan's Nikkei index also added to Tuesday's gains. The Hong Kong Hang Seng index hit a ninth consecutive high, before a late sell-off saw it close down 719.81 points, or 2.6%, at 27,479.94.
On Tuesday, shares on Wall Street had finished mixed with the Nasdaq rising 0.2% but the Dow Jones down 0.3%. Shares indexes in Australia and Singapore also hit new records during the day, only to fall back later on.
Investors are taking heart as the level of exposure banks face in the upheaval in the credit markets becomes clearer. In Japan, the Nikkei rose 0.9% to close at its highest level for nine weeks.
By lunchtime, Hong Kong's Hang Seng index had risen 328.36 points to 28,528.11, having earlier touched a record 28,871.04. The Nikkei closed up 153.11 points at 17,199.89.
Meanwhile the Nikkei average was up 0.5% percent, at 17,135.90 by mid-afternoon in Tokyo. On Tuesday, US shares had finished mixed with the Nasdaq rising 0.2% but the Dow Jones down 0.3%.
US rates Analysts said the slight dip in the Dow Jones was down to investors locking in profits following Monday's record close.
US economic data, including reports showing slow manufacturing growth and stilted demand for housing, has raised expectations that the Federal Reserve will cut interest rates further. However, shares in banks and home builders rose amid hopes that the worst of the credit crunch was now over.
Last month, the Fed slashed US rates form 5.25% to 4.75% in an attempt to restore confidence in the housing market and prevent the turmoil in the financial markets from denting the economy.
The Fed's next rate-setting meeting is on 30-31 October.